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At 2:27 pm Eastern Time, Reagan exited the hotel through "President's Walk" and its K Street NW exit toward his waiting limousine. Hinckley waited within the crowd of civilians. While the Secret Service blocked those attending the president's speech, in a "colossal mistake" the agency allowed an unsearched group to stand within feet of him, behind a rope line.

Reagan unexpectedly passed right in front of Hinckley. Believing he would never get a better chance, Hinckley fired a Röhm RG-14 .22 long rifle[2] blue steel revolver six times in 1.7 seconds.[3]

Five out of the six shots missed the president.[4] The first bullet hit White House Press SecretaryJames Brady in the head. The second bullet hit District of Columbia police officer Thomas Delahanty in the back of his neck as he turned to protect Reagan.[5][6][7] Hinckley now had a clear shot at the president, but the third bullet overshot him and hit the window of a building across the street.

As Special Agent In Charge Jerry Parr quickly pushed Reagan into the limousine, the fourth bullet hit Secret Service agent Timothy McCarthy in the abdomen[5][6] as he spread his body over Reagan to protect him. The fifth bullet hit the bullet-resistant glass of the window on the open side door of the limousine. The sixth and final bullet ricocheted off the armored side of the limousine and hit the president in his left underarm, grazing a rib and lodging in his lung, stopping nearly 1 inch (25mm) from his heart. Parr's prompt reaction saved Reagan from being hit in the head.

Reagan got a punctured lung and heavy internal bleeding. He got medical attention quickly.[8] No formal transfer of presidential power took place, although Secretary of State Alexander Haig stated that he was "in control here" while Vice President George H. W. Bush returned to Washington.

The shooter was 30-year old John Hinckley. Hinckley said that he wanted to shoot President Reagan to impress actress Jodie Foster.[9] He planned the assassination after he saw the movie Taxi Driver and there was a scene similar to the event.[10]

Hinckley decided to copy DeNiro's character in the movie. He began to stalk President Jimmy Carter. He was surprised at how easy it was to get close to the president—only one foot away at one event. He was arrested in October 1980 at Nashville International Airport for illegal possession of firearms. Even though Carter made a campaign stop there, the Federal Bureau of Investigation did not connect this arrest to the President and did not tell the United States Secret Service.[11]

He wrote three or four more notes to Foster in early March 1981. Foster gave these notes to her dean, who gave them to the Yale police department. After this, the police wanted to find Hinckley, but failed.[12][13] Hinckley soon moved to Washington, D.C. to carry-out his assassination plan.

Nobody was killed in the attack. Press Secretary James Brady was left paralyzed and permanently disabled. Brady died in August 2014. Hinckley was found not guilty by reason of insanity. He was in a psychiatric facility until 2016.

Reagan was the first serving U.S. President to survive being shot in an assassination attempt. The members of his staff were anxious for the president to appear to be recovering quickly, and the morning after his operation he saw visitors and signed a piece of legislation. Reagan left the hospital on the 13th day. He was able to travel outside of Washington 49 days later.

Before the shooting, Reagan had the lowest approval ratings of any president during his first term in office. After the shooting, Reagan's approval ratings rose. The assassination attempt boosted his popularity and some may say that it helped him win his re-election campaign in 1984.